LAKEWOOD, NJ, JULY 11, 2005 – The Lightstone Group, one of the largest private owners of retail property in the country, recently acquired the Heather Croft Square shopping center, located on Tilton Road in Egg Harbor Township, New Jersey. The 101,071-square-foot mall is a long-time fixture in Atlantic County and was 96 percent occupied at the time of acquisition. The transaction was consummated by The Lightstone Group’s acquisition team, headed by Angela Mirizzi-Olsen, senior vice president and chief investment officer; as well as, Jeffrey Dash, director of retail leasing; and Ramona Ferreira, vice president of acquisitions.
Angela Mirizzi-Olsen, chief investment officer of The Lightstone Group said, “This acquisition perfectly reflects our core strategy of acquiring retail properties with excellent fundamentals. We’re pleased to become part of the Egg Harbor community.”
Wachovia provided financing for this transaction. Adriana Peters, general counsel of The Lightstone Group, who was the closing attorney in the transaction, commented, “We would like to extend a special thank you to Robert Klausner of Thacher Proffit & Wood for playing a vital role in ensuring a smooth transaction for all parties involved.”
"We are extremely proud to once again work with the world class team of professionals David Lichtenstein has assembled at The Lightstone Group,” said John Powers, senior vice president of Wachovia. “They are among the most professional and talented owners in the industry, and I’m confident they will successfully reposition Heather Croft Square as the premiere shopping center in Egg Harbor Township.”
Heather Croft Square shopping center is the latest addition to The Lightstone Group’s nationally expanding retail portfolio. The property will fall under the management responsibilities of Jeff Dash, who additionally supervises five retail properties in New Jersey and ten shopping centers in Pennsylvania. Anchored by a 38,485-square-foot A& P Super Fresh grocery store, the center’s tenants also include a 24,250-square-foot Staples office supply store, Pizza Hut restaurant and Weight Watchers. Heather Croft Square is convenient to the Garden State Parkway, Interstate 40 and Route 563.
